Does a New Roof Increase Your Home Value?
A new roof is generally a sound investment in your home, whether you are planning to enjoy that new roof for many years or planning to sell in the near future. Very few remodeling or home improvements offer 100% return on investment, but most professionals agree that a new roof will increase the sale value of your home at an ROI of about 60% of the cost of the roof replacement.
Here are a few factors to consider before you simply reroof your home with the expectation of a higher resale value.
The Condition of Your Existing Roof
Keeping your roof maintained is an important part of being a homeowner. A home that displays a shabby, worn roof or has even minor signs of a leak will be very make buyer very reluctant to consider your home.
However, if your roof is less than 10 years old and in relatively good condition, a new roof may not offer a significant ROI. It is always a good idea to look at the situation from the buyer’s perspective. Would you be willing to pay $30K more for the home with a new roof or would you be comfortable purchasing a home with a well-cared for roof that is projected to last?
There is always the middle ground. If you have a roof that still has significant life, have it repaired rather than replaced. Most repairs are significantly less than a roof replacement and will give you and the new owner a sense of security that the roof is in good condition and will last for years to come.
Market Conditions
There is no doubt that a realtor would value a new roof as an effective selling tool, but the age of your existing roof and the market conditions may not always make this the right choice. As the price of homes fluctuate and the interest rates change, we recommend that you have your roof evaluated as well as consult with an experienced real estate agent to get advice about reroofing or repair if you intend to sell your home. That new roof will certainly give the home a face lift, especially if quality shingles are purchased. In addition, it will show the buyers that your home was well-maintained and give them a sense of security in their potential investment.
